Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

That is fine, but the directive takes this into a whole new space where it is not going to be our Central Bank that is regulating these credit service providers. There is no point in talking to the Central Bank any more because this credit directive allows for the central bank in Poland, Italy, Malta or wherever else to regulate. Some have expressed concern that there are different rules and legal and consumer protection frameworks in different European countries and that this directive could allow for a race to the bottom. Why are so many companies regulated in Malta and passported into Ireland and other EU jurisdictions?